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In many businesses, its ability to manage its cash flow is crucial to its success and the control and management of the debtors is often a ‘painful’ task as a result of manual and repetitive processes. The recent turbulent economic environment only adds to the headaches of a credit control team and the introduction of effective tools to improve the collections process is arguably more important today than at any time in recent history. Effective credit control and query management should enable your business to; • Improve cash flow • Reduce debtor days • Increase customer service • Cut the cost of cash collection • Eliminate manual processes • Speed up the query resolution process
Your question is very very important and relevant. To receive debts on time is very important. For timely collections, a system is designed called early warning system. Its nature may be different from organization to organization. It is a computer based auto system. It will show you on daily basis the debts which has become due but not received. It is a system generated report. On the basis of this report you have to contact your debtors immediately through telephone or letter to pay. Some time clients do't know when to pay and your communication will remined them of their obligations. Hence, Early Warning system will enable you to contact your client for recovery in the initial days/early days. You will also know about current status of your clients like they are alive, they are still living at the same place, they are in the same business or job etc. And then you can adopt appropriate strategy.
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